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AfricaMoney | August 20, 2017

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Budget: Rs 10 billion allocated to the Small and Medium Enterprises Sector

Budget: Rs 10 billion allocated to the Small and Medium Enterprises Sector

A budgetary initiative based on the fact that SME’s contribute 40% to the Gross Domestic Product and represent 54% of the working population in the economy. (Image: business.mega)

With the objective of steering a second economic miracle with the upcoming budget, the Minister of Finance and Economic Development, Vishnu Lutchmeenaraidoo, has met today, February 25, 2015 in Port Louis, the representatives of Small and Medium-sized enterprises (SME) for a pre-budget consultation in order to discuss propositions from different business perspectives.

During the meeting the Minister of Finance has announced that Rs 10 billion will be planned and allocated to SME`s in the next Budget, where actually more than 400 SME`s has submitted their propositions with the aim of further developing and enhancing their business for over a period of ten years.

A budgetary initiative based on the fact that SME’s contribute 40% to the Gross Domestic Product and represent 54% of the working population in the economy.

The Minister has expressed from an economic perspective, various difficulties that traditional pillars of the economy is currently facing, where the SME’s has the potential to enhance and boost up the economy and simultaneously create employment for the young people.

Moreover, with this budgetary measure, he also added that “the Development Bank of Mauritius will turn out into a Small and Medium Enterprises Bank with an allocated budget to finance Small and Medium Enterprises Projects. Furthermore, the government intends to use the Elite Tower of Ebene currently under construction as a ‘One Stop Shop’ for SME’s.”

Finally, Vishnu Lutchmeenaraidoo concluded by showing regrets toward the absence of a system, which encourages young people to invest in this sector. A situation, which the Ministry of Finance intends to take into consideration for the next budget.

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